Breaking News

Econet lashes out at banks on mobile money

by Business reporter
11 January 2013 | 6218 Views
ECONET Wireless Zimbabwe (Econet) has lashed out at banks for proposing amendments to government's banking reforms to include mobile money service providers, saying it was a selfish attempt by a clique of individuals to frustrate its operations.

Econet owns EoCash, a mobile payments service.

In his national budget statement Finance minister Tendai Biti said banks should, effective this year, not levy fees on deposits of less than US$800 and give 4% interest on deposits of at least US$1 000 held over 30 days. He also said banks should issue debit cards for free and scrap the deposit protection fund cap.

Bankers Association of Zimbabwe (Baz) said they would, among other things, incur huge losses as a result of the legal changes given that most of their income came from tariffs. In a position paper, Baz argued mobile money services should be bound by the same regulations in order to create a level playing field while recent media reports indicate bankers are lobbying for all mobile money services to be administered by a financial institution, otherwise they become direct competition to conventional banking.

Econet has responded by saying regulators should not be swayed by selfish interests of a minority group wishing to keep ordinary people from enjoying the benefits of their mobile money technology, while offering no meaningful alternative solutions or even willing to invest anything.

"Econet is aware there is a small number of individuals, mostly associated with one foreign-owned financial institution, who have lobbied intensely both before and after the introduction of this vital (EcoCash) service yet this very same institution, motivated only by what we believe is selfishness, has never shown any inclination whatsoever in its long existence in Zimbabwe to develop services that are inclusive and serve the majority of Zimbabweans," said the country's largest mobile network provider in response to businessdigest's questions.

"The so-called complaints of a small minority of banks are reminiscent of the complaints of the then PTC management when Econet founder Strive Masiyiwa was trying to introduce cellphones in Zimbabwe. If he had not fought tenaciously, over 10 million people would today not have access to a phone."




According to the mobile phone operator's statistics, EcoCash has enabled nearly two million Zimbabweans, the majority of who did not have bank accounts, to have access to basic financial services.

Most of the EcoCash subscribers live in rural areas where there are no banking facilities, making the facility their economic life line.

Econet EcoCash Mobile money Banks

Source: theindependent

Should Zimbabweans be deported from the UK?

Yes
27.69%
No
69.71%
Not sure
2.61%
307

Comments

News Updates

Email:

Latest News

'Mugabe is fit,' says Jonathan Moyo' - In a video below Information mi...

by Staff reporter | 24 April 2014 | 210 Views

Women more likely to cheat on partners with longer penises - Study

by Staff Reporter | 24 April 2014 | 859 Views

CIO swarm Bulawayo ahead of Mugabe arrival

by Staff Reporter | 24 April 2014 | 771 Views

CIO pushing Grace Mugabe to become Zanu PF Women's League boss

by Staff Reporter | 24 April 2014 | 817 Views

Top Air Zim boss fired

by Staff Reporter | 24 April 2014 | 578 Views

Zanu-PF minister chased away by villagers - Provincial affairs ministe...

by Staff reporter | 24 April 2014 | 670 Views

Mugabe hints at exit - President Robert Mugabe has hinted that he will...

by Staff reporter | 24 April 2014 | 577 Views

Man arrested over bogus court orders

by Staff reporter | 24 April 2014 | 277 Views

My friend Robert Mugabe - Video

by BBC | 24 April 2014 | 608 Views

Voice of Zimbabwe shutdown galls ZBC board - The ZBC board has expre...

by Staff Reporter | 24 April 2014 | 486 Views

SA man escapes death after being lured to Zim by Satanic cult

by Staff Reporter | 24 April 2014 | 3559 Views

Zimbabwean female rapists inspire Hollywood - STORIES of gangs of wome...

by Staff reporter | 24 April 2014 | 2641 Views

Woman drags abusive cop husband to court

by Staff Reporter | 24 April 2014 | 2117 Views

200 court records disappear - A Plumtree senior magistrate facing char...

by Staff reporter | 24 April 2014 | 2277 Views

Zanu-PF, MDC-T ready for dialogue - Political archrivals Zanu-PF and ...

by Staff reporter | 24 April 2014 | 5302 Views

Mugabe needs help - President Mugabe's government urgently needs to en...

by Staff reporter | 24 April 2014 | 3662 Views

MDC-T forces members to fund party - THE cash-strapped Morgan Tsvangi...

by Staff reporter | 24 April 2014 | 1434 Views

Mugabe, ministers differ on indigenisation - THE government continues...

by Staff reporter | 24 April 2014 | 1753 Views

'Chihuri you are responsible for death' - A SOMBRE atmosphere engulfe...

by Staff reporter | 24 April 2014 | 3384 Views

Man threatens to take hunger strike to Parliament - A HARARE man, Phi...

by Staff reporter | 24 April 2014 | 1221 Views

Gays and lesbians hit back at Mugabe over hate speech - Zimbabwe's gay...

by Staff reporter | 24 April 2014 | 1939 Views

Zimbabwe military junta subverting democratic processes - The continua...

by Tichaona Sibanda | 24 April 2014 | 1232 Views

US court to decide on Zim elephant ban

by Staff reporter | 24 April 2014 | 673 Views

Prophet TB Joshua: Healer or controversial leader?

by AP | 24 April 2014 | 2552 Views

Why should Mugabe's name be sounded more than ours

by Vince Musewe | 24 April 2014 | 1755 Views

Zifa challenged to protect small clubs - A Bulawayo soccer club owner ...

by Lovemore Dube | 24 April 2014 | 816 Views

Kaindu set to dump Bosso for Chipolopolo role

by Sikhumbuzo Moyo | 24 April 2014 | 2745 Views

Entertainment

Top SA maskandi musician itching for a Zim stage - South Africa's top ...

by Staff reporter | 24 April 2014 | 347 Views

Nightclubs scramble for Bev, she is already fully booked

by Auxilia Katongomara | 24 April 2014 | 1992 Views

Bev off to South Africa to buy new costumes

by Brenda Phiri | 24 April 2014 | 1692 Views

Alick Macheso in costly divorce?

by Jonathan Mbiriyamveka | 24 April 2014 | 3127 Views

Majaivana's son to release debut album with Bosso tune - Lovemore Maja...

by Staff reporter | 23 April 2014 | 1489 Views

Rising reggae star Matty Julius comes to Zim Achievers Awards

by Arts Correspondent | 23 April 2014 | 744 Views

Bev confirms return to the dance floor

by Staff reporter | 24 April 2014 | 3038 Views

Tuku Recalls Picky for Greatest Hits Concert

by Staff Reporter | 22 April 2014 | 2135 Views

Oskido, Big Nuz in no show - SCORES of revellers were baying for South...

by Thupeyo Muleya | 22 April 2014 | 1371 Views

Bev, Prophet Magaya severs ties - Raunchy dancer Beverly (Bevy) Siban...

by Takawira Dapi | 24 April 2014 | 2679 Views

Hosiah Chipanga likens self to biblical Noah - VETERAN musician-cum-pr...

by Liberty Dube | 20 April 2014 | 3282 Views
iBlog

Snake Girl Attracts Crowd & Tourists To Thailand

I think this is another hoax going around the internet today. online reports claim that 8 year-old mai li fay, from bangkok, is far from living the usual life of a girl her age. everyday, thousands of people gather to the front of her family's house ... Read More
Malema 15 January 2014 ago

Can Too Much Masturbation Hurt Women’s Sex Life? Why Is Excessive Masturbation Bad?

both men and women often enjoy masturbation, and it is a natural sexual action for many people. however, when a woman masturbates too often, she may become concerned that it can hurt her sex life. this question is actually a valid concern, as there ... Read More
adoniadennis 01 March 2014 ago